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Moody's downgrades Steinhoff again

The agency says that it's facing the probability of a further downgrade.

Picture: Supplied

JOHANNESBURG - Moody's has downgraded Steinhoff to CAA1 on review for a further downgrade.

The agency says that it's facing the probability of a further downgrade.

This is because it's concerned about Steinhoff's liquidity levels, which could prove insufficient to sustain its European operations in the near term.

Earlier this month, Moody’s downgraded Steinhoff International by four notches.

The company is under investigation in Germany following allegations of fraud.

Locally, the Financial Services Board and Parliament are also investigating.

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